Dalian Port buys stake in Changxing Island

Dalian: Dalian Port is to purchase 45% equity in Changxing Island Company for RMB313m, according to a regulatory filing. The purchase has been approved by SASAC (State-owned Assets Supervision and Administration Commission) and the deal will be finalized by the end of June.

Dalian Port said the deal will help strengthen its control in the strategic layout in Changxing Island and add extra capacities to its oil and liquefied chemical terminal.

Currently Dalian Port is building a 300,000-ton crude oil terminal and a crude oil storage tank with 1.2m cu m capacity in Changxing Island, these facilities are said to be operational by the end of this year. [29/06/12]